AmeriTrust Financial Technologies (AMT) Q2 2024 earnings summary

Executive summary

• Reported Q2 2024 revenue of $542,166, up from $497,549 in Q2 2023 but down from $627,332 in Q1 2024, mainly from servicing the existing lease portfolio.

• Adjusted EBITDA loss decreased in Q2 2024 despite lower revenue, reflecting ongoing cost management and stable operating expenses.

• Cash on hand at June 30, 2024 was $2,220,567, up from $1,934,209 at March 31, 2024, including cash collected from lease holders.

• Annual General and Special Meeting of shareholders scheduled for September 18, 2024.

Financial highlights

• Q2 2024 gross profit was $230,943, up from $70,013 in Q2 2023 but down from $337,034 in Q1 2024.

• Net loss for Q2 2024 was $1,504,648, compared to $1,395,154 in Q1 2024 and $1,783,955 in Q2 2023.

• Adjusted EBITDA for Q2 2024 was a loss of $1,484,133, compared to a loss of $1,395,154 in Q1 2024 and $1,783,955 in Q2 2023.

Outlook and guidance

• Management continues to focus on cost management and maintaining minimal operating expenses to support planned growth.

• Forward-looking statements caution that actual results may differ materially due to various risks and uncertainties.